An Introduction to Microeconomics - - Unit 6 - ... https://onlinecourses-archive.nptel.ac.in/noc19_...

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Unit 6 - week-05
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Certification exam Assignment- 05
The due date for submitting this assignment has passed.
Course As per our records you have not submitted this Due on 2019-03-06, 23:59 IST.
outline
assignment.

How to access 1) A function that describes how much of one consumption bundle is preferred to 1 point
the portal another is

week-01 a utility-maximizing function

week-02
a cost minimization function
an ordinal utility function
week-03
a cardinal utility function

week-04 No, the answer is incorrect.

Score: 0
week-05
Accepted Answers:
Lecture-41 a cardinal utility function
Preferences as
a Mathematical 2) A consumer’s preference is rational if it satisfies assumption of 1 point
Construct
Completeness
Lecture-42
Rationality in Reflexivity
Real Life Vs.
Rationality in Transitivity
Economics All of them
Lecture-43
No, the answer is incorrect.
More on Three
Axioms of Score: 0
Rationality Accepted Answers:
Lecture-44 All of them
Defining Utility
3) Consider two statements: 1 point
Function
Statement 1: If a consumer’s preference does not satisfy all three axioms of rationality,
Lecture-45 it can also be represented by a utility function
Ordinal Vs.
Cardinal Utility Statement 2: Utility function is unique to repersent consumer’s preference
Which one of these statements is true?
Lecture-46
Properties of
1
Preferences: © 2014 NPTEL - Privacy & Terms - Honor Code - FAQs -
Continuity 2
A project of In association with
Lecture-47 Both
Indifference Set
None
Lecture-48
Funded by
Indifference No, the answer is incorrect.

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An Introduction to Microeconomics - - Unit 6 - ... https://onlinecourses-archive.nptel.ac.in/noc19_...

Curve Score: 0 Powered by

Lecture-49 Accepted Answers:
Behavioural None
Assumption:
More is Better 4) Which of the following statements is correct 1 point

Lecture-50
If a consumer’s preference satisfies the three axioms of rationality, it can be
Properties of
Preferences: represented by a continuous utility function
Convexity
If a consumer’s preference can be represented by a utility functions u(.), then
Lecture-51 his preference will also be represented by a monotonic transformation of that
Marginal Rate function u(.)
of Substitution
(MRS) Both

Lecture-52 None
DMRS and
No, the answer is incorrect.
Convexity:
Example Score: 0
Accepted Answers:
Lecture-53
Summary If a consumer’s preference can be represented by a utility functions u(.), then his preference
will also be represented by a monotonic transformation of that function u(.)
Quiz :
Assignment- 05 5) For a given consumption bundle, consumption set can be partitioned into 1 point

Solution:
Assignment-05 Strictly preferred set

An Introduction Indifference set

to Worse than set
Microeconomics:
Feedback for All
Week-05
No, the answer is incorrect.
week-06 Score: 0
Accepted Answers:
week-07 All

week-08 6) Indifference curve denoted by x+y=5 is 1 point

week-09
Straight line with positive slope
week-10
Straight line with negative slope
week-11 Straight line passing through origin
None
week-12
No, the answer is incorrect.
Interaction Score: 0
Session
Accepted Answers:
Straight line with negative slope
7) Which of the following is (are) true 1 point

Indifference curves are always straight lines

Utility can never be negative
Family of indifference curve is called indifference map
All

No, the answer is incorrect.

Score: 0
Accepted Answers:
Family of indifference curve is called indifference map
8) Indifference curves cannot intersect, because of which assumption violates 1 point

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An Introduction to Microeconomics - - Unit 6 - ... https://onlinecourses-archive.nptel.ac.in/noc19_...

Completeness
Reflexivity
Transitivity
All of them
No, the answer is incorrect.
Score: 0
Accepted Answers:
Transitivity
9) Assumption of non-satiation implies 1 point

More is better
Local non-satiation
Both

None

No, the answer is incorrect.

Score: 0
Accepted Answers:
Both

10)Indifference map of a consumer is represented by x+y=Ki (i=1, 2, 3….). If U1 2 points

corresponds to K1, U2 corresponds to K2, and U1>U2 whenever K1>K2, the preference
of consumer satisfies

Monotonicity
Local non-satiation
Both

None

No, the answer is incorrect.

Score: 0
Accepted Answers:
Both

11)Indifference map of a consumer is represented by x+y=Ki (i=1, 2, 3….). If U1 2 points

corresponds to K1, U2 corresponds to K2, and U1<U2 whenever K1>K2

Preference of consumer satisfy monotonicity

Local non-satiation is satisfied except at origin
Both

None

No, the answer is incorrect.

Score: 0
Accepted Answers:
Local non-satiation is satisfied except at origin
12)If a consumer’s preference is convex, then 1 point

Any bundle lying on the line joining two bundles (A and B) on a indifference
curve is at least as good as A and B
The consumer prefers balanced bundles at least as good as extreme bundles

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An Introduction to Microeconomics - - Unit 6 - ... https://onlinecourses-archive.nptel.ac.in/noc19_...

Both

None

No, the answer is incorrect.

Score: 0
Accepted Answers:
Both

13)Which of the following is true about preference in consumer theory 1 point

Diminishing Marginal Rate of Substitution (DMRS) always implies Convexity

Convexity always implies Diminishing Marginal Rate of Substitution (DMRS)
Both

None

No, the answer is incorrect.

Score: 0
Accepted Answers:
Diminishing Marginal Rate of Substitution (DMRS) always implies Convexity

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